May 19, 2020
According to the research report titled ‘Plastic Fillers Market Size By Type, By Form, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global plastic fillers market is anticipated to witness substantial growth by the year 2026.
Fillers are used in polymer formulations to minimize the product cost as well as to improve the properties. Fillers are available in solid, liquid or gaseous state and can act as a substitute for high-priced resin in order to occupy space with low priced compounds without compromising on the required characteristics.
Rising adoption of plastic fillers across various industries such as electrical & electronics, construction, automotive and packaging is a major factor driving the market growth. These fillers are used to strengthen plastics. The properties provided by fillers are determined by its own physical and chemical characteristics.
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As per type, the others segment, which comprises of natural fibers, titanium dioxide, wollastonite and mica, accounted for 8% market share in 2019 and is predicted to generate considerable returns in the forthcoming years.
In terms of form type, nanofillers segment is anticipated to expand with a CAGR of 5% during 2020-2026. Nanofillers are used as additives in solid form which differ from polymer matrix in composition and structure. The form contains inorganic materials while organic materials are rarely used. They increase the volume and lower the cost.
Global plastic fillers market share from electrical & electronics application segment is expected to grow with a CAGR of 5.5% through 2026. Alternatively, industrial, consumer products and textiles applications combinedly accounted for 24.5% market share in recent past and is estimated to generate notable returns in the subsequent years.
Considering the geographical landscape, Latin America held 4% share of global plastic fillers industry in 2019. Meanwhile, Middle East & Africa market is reckoned to witness a y-o-y growth rate of 6% CAGR between 2020 and 2026, primarily due to flourishing chemical sector and increasing construction activities.
The prominent companies operating in global plastic fillers market are NYCO Minerals, Evonik Industries, Quarzwerke Group, Huber Engineered Materials, Granic, Omya AG, Hoffmann Minerals, Mineral Technologies Inc., LKAB Group and Imerys among others.